Dec 14, 2017

GOP considers ending individual tax cuts sooner

Senate Finance Committee chairman Orrin Hatch and House Ways and Means Committee chairman Kevin Brady. Photo: J. Scott Applewhite / AP

Republicans are considering bumping up the expiration date for individual tax cuts from the end of 2025 to the end of 2024, the Washington Post reports. This would give them extra revenue to work with while staying within budget rules. The lower corporate rate is expected to be permanent, as it was in both the House and Senate bills.

Why this matters: This is ammo for the argument that the tax bill is mainly for the rich. While Republicans insist that a future Congress won't ever let the lower individual rates expire, the move would be an admission that the bill will end up costing much more than $1.5 trillion.

Go deeper

Coronavirus updates: First case in sub-Saharan Africa confirmed

Data: The Center for Systems Science and Engineering at Johns Hopkins, the CDC, and China's Health Ministry. Note: China numbers are for the mainland only and U.S. numbers include repatriated citizens.

Nigeria confirmed its first novel coronavirus case in an Italian who flew to Lagos from Milan — the first known case in sub-Saharan Africa. The World Health Organization has been working to prepare Africa's health care systems to be ready for the outbreak, which is now also confirmed in Algeria and Egypt.

The big picture: COVID-19 has killed more than 2,850 people and infected over 83,700 others in some 50 countries and territories. The novel coronavirus is now affecting every continent but Antarctica, and the WHO said Wednesday the number of new cases reported outside China has exceeded those inside the country for the first time.

Go deeperArrowUpdated 2 hours ago - Health

Ad spending on 2020 primary tops $1 billion

Illustration: Aïda Amer/Axios

Spending on the 2020 presidential primary has officially surpassed the $1 billion mark, with more than half of that total coming from billionaire Michael Bloomberg, according to data from Advertising Analytics.

Why it matters: It's the most money that has been spent this early on in an election cycle in U.S. history.

The growing coronavirus recession threat

Illustration: Aïda Amer/Axios

In just a matter of weeks, top economists and investment bank analysts have gone from expecting the coronavirus outbreak to have minimal impact on the U.S. economy to warning that an outright recession may be on the horizon.

What's happening: The spread of confirmed coronavirus cases in Europe, the Middle East and the U.S., and the speed at which they are being discovered has set the table for the outbreak to have a larger and much costlier impact.